Unit 7

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Table of Contents

Trade 5

International Trade – Exports and Imports 5

Exports 5

Imports 5

Significance of International trade to the Irish Economy 5

Free Trade and Protectionism 6

Barriers to International Trade 6

Changes in International Economy 8

Globalisation 8

Improved Information and Communication Technology 8

Increasing Number of Trading Blocs 8

Deregulation of International Trade 8

New Markets (BRICS) 8

Opportunities for Irish businesses from International Trade 8

Challenges for Irish businesses from International Trade 9

Role of ICT in International Trade 10

Government help for Irish Exporters 10

The EU 11

Importance of EU Membership for Ireland 11

EU Institutions 11

Decision-Making in the EU 14

EU Directives 15

EU Policies 15

Single European Market (SEM) – GLC 18

Global Business 21

Transnational Companies 21

Reasons for the Development of Transnational Companies 21

Advantages of Transnational Companies 21

Disadvantages of Transnational Companies 22

Global Businesses 22

Reasons for the Development of Global Companies (Globalisation) 22

Trade

International Trade – Exports and Imports

International trade is commerce between different countries. It involves exporting and importing.

When Irish businesses sell products and services to foreign countries, this is called exporting.

When Irish businesses and people buy products and services from foreign countries, this is called importing.

Exports and imports are either visible or invisible.

Exports

Visible Ireland sells tangible goods to foreign countries. Examples include Jameson selling whiskey to U.S.A; Dell sells computers made in Ireland to Spain.

Invisible Ireland sells services to foreign countries. Examples include British tourists holidaying in Ireland; U2 touring the U.S.A.

Imports

Visible Ireland buys tangible goods from foreign countries. Examples include Superquinn buying oranges from Spain.

Invisible Ireland buys services from foreign countries. Exam...

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